09-Jan-2025

Indonesia Joins BRICS as a Full Member

World Affairs

Why in News?  

Indonesia has officially joined BRICS as its 11th full member. The announcement was made by Brazil, the BRICS chair for 2025. 

Key Points 

Indonesia's Membership: Indonesia has joined BRICS as a full member, bolstering the group's influence in Southeast Asia. It is now the 11th nation to be part of BRICS. 

Endorsement at Johannesburg Summit: Indonesia's membership was officially endorsed by BRICS leaders during the 2023 Johannesburg Summit. 

BRICS: An Overview 

  • What is BRICS? 

BRICS is a group of five major emerging economies: Brazil, Russia, India, China, and South Africa, influential in global politics and economics. 

  • Formation and Evolution: Formed in 2006 as "BRIC," South Africa joined in 2010, creating BRICS. 
  • Purpose and Objectives: BRICS fosters economic growth, political cooperation, and global institutional reforms for better representation of emerging economies. 
  • Economic Significance: BRICS accounts for 25% of global GDP and 40% of the world’s population. 
  • Annual Summits: Leaders meet annually to discuss economic cooperation, trade, and sustainable development. 
  • Focus on Development: Promotes infrastructure, technology, and innovation projects for mutual growth. 
  • Global Influence: Pushes for reforms in global institutions like the UN, World Bank, and IMF. 
  • Trade and Investment: Encourages intra-BRICS trade and created the New Development Bank (NDB) for funding projects. 
  • Political Cooperation: Addresses global issues like climate change, terrorism, and regional stability through dialogue. 

BRICS Milestones 

  • 2006: Initiated following a meeting between Russia, India, and China in St. Petersburg. 
  • 2009: Hosted its inaugural summit in Yekaterinburg, Russia. 
  • 2010: South Africa was invited to join during a BRICS Foreign Ministers' meeting, marking its formal expansion. 
  • 2011: South Africa officially participated in the 3rd BRICS Summit in Sanya, China. 
  • 2024: BRICS announced the inclusion of new members—Egypt, Ethiopia, Iran, Saudi Arabia (membership pending), and the UAE—signifying its continued growth.